NuScale and DHIC Announce Strategic Cooperation

Supports deployment of NuScale technology worldwide

April 29, 2019 04:00 PM Eastern Daylight Time

PORTLAND, Ore.--(BUSINESS WIRE)--NuScale Power LLC and Doosan Heavy Industries and Construction Co., Ltd.
(DHIC) are pleased to announce the signing of a memorandum of
understanding (MOU) for strategic cooperation to support deployment of
the NuScale Power ModuleTM (NPM) worldwide. The relationship
includes DHIC, a member of the Doosan Group, and potential Korean
financial investors, which, commensurate to final due diligence, plan to
make a cash equity investment in NuScale.

DHIC is expected to bring its expertise in nuclear pressure vessel
manufacturing, and will join the larger U.S.-led manufacturing team to
build NuScale’s groundbreaking NuScale Power ModuleTM (NPM),
America’s first small modular reactor.

“NuScale welcomes this strategic relationship with DHIC – a leader in
the global manufacturing industry,” said John Hopkins, Chairman and
chief executive officer of NuScale Power. “Through this relationship, we
are not only broadening our supply chain base, but DHIC’s potential
investment will also be an endorsement of NuScale’s strong position as a
global SMR leader and our capability to deliver NuScale plants
worldwide. We also welcome the interest from Korean financial investors.
Based upon the international interest in the NuScale design, it is
anticipated that significant international capabilities will be needed
to meet worldwide needs. DHIC is a highly capable partner to help
NuScale meet these market demands.”

Under the terms of the MOU, DHIC, a pre-eminent, world-renowned nuclear
pressure vessel manufacturer with substantial experience, is expected to
build a portion of the most critical and complex NPM sub assemblies for
the plant under development for Utah Associated Municipal Power Systems,
which is expected to begin operation in 2026. The new international
relationship with DHIC will further build NuScale’s U.S.-centered supply
chain and accelerate NuScale’s ability to deliver its technology quickly
to future customers around the world.

“We are impressed with the simplicity, safety and cost-effectiveness of
NuScale’s design, and we look forward to collaborating with the company
as they bring America’s first SMR to market,” said Ki Yong Na, CEO of
Doosan Nuclear Power Plant Business Group. “Furthermore, we see great
potential for international applications of NuScale’s carbon-free
technology, and look forward to collaborating with NuScale as the
company pursues additional opportunities.”

Under the terms of the MOU, which is subject to a satisfactory due
diligence negotiation of a definitive agreement and regulatory
approvals, the companies are aiming to close the strategic supplier
agreement in July 2019.

NuScale’s technology is the world’s first and only SMR to undergo design
certification review by the U.S. Nuclear Regulatory Commission (NRC).
The NRC is scheduled to complete its review of NuScale’s design in
September 2020.

About NuScale Power

NuScale Power is developing a new modular light water reactor nuclear
power plant to supply energy for electrical generation, district
heating, desalination, and other process heat applications. This
groundbreaking small modular reactor (SMR) design features a fully
factory-fabricated NuScale Power Module™ capable of generating 60 MW of
electricity using a safer, smaller, and scalable version of pressurized
water reactor technology. NuScale's scalable design – a power plant can
house up to 12 individual power modules – offers the benefits of
carbon-free energy and reduces the financial commitments associated with
gigawatt-sized nuclear facilities. The majority investor in NuScale is
Fluor Corporation, a global engineering, procurement, and construction
company with a 60-year history in commercial nuclear power.

NuScale is headquartered in Portland, Oregon and has offices in
Corvallis, Ore.; Rockville, Md.; Charlotte, N.C.; Richland, Wash.;
Arlington, Va.; and London, UK. Follow us on Twitter: @NuScale_Power,
Facebook: NuScale
Power, LLC, and Instagram: nuscale_power. NuScale
has a new logo, brand, and website.
Watch the short video.

About Doosan Heavy Industries and Construction

DHIC is a leading Engineering, Procurement and Construction (EPC)
contractor offering a wide range of services ranging from the
manufacturing of castings and forgings, power generation systems and
desalination facilities to the construction of power plants. DHIC
maintains high quality standards based on the extensive experiences in
manufacturing major components of nuclear power plants. DHIC has an
integrated manufacturing facility in Changwon, Korea which is capable of
raw material production to final assembly of nuclear components. With
excellent capability, DHIC has supplied 32 Reactor Vessels and 114 Steam
Generators of nuclear power plants in not only Korea but also USA, China
and UAE.

DHIC is headquartered in Changwon, Korea and has a global network
encompassing 15 overseas subsidiaries and 25 branches and offices in
operation. Website http://www.doosanheavy.com/en/